Electric vehicle and electric battery manufacturers and critical mineral producers will want to take note of a notice of proposed rulemaking (NPRM) on Section 30D of the Internal Revenue Code of 1986, as amended, released by the Department of the Treasury and the Internal Revenue Service on March 31, 2023. The NPRM provides further guidance
IRS and Treasury today issued Revenue Procedure 2022-42, which includes procedures for manufacturers of electric vehicles eligible for tax credits under Section 30D, Section 25E and Section 45W. Here is a link to the Notice.
On November 3, 2022, the U.S. Internal Revenue Service (IRS) issued three additional notices requesting public input on key aspects of climate and clean energy tax provisions in the Inflation Reduction Act. Here is list of, and links to, these three notices.
- Notice 2022-56 requests comments related to the qualified commercial clean vehicles provisions under
On October 5, 2022, the U.S. Internal Revenue Service (IRS) issued six notices requesting comments on various aspects of extensions and enhancements of energy tax benefits in the Inflation Reduction Act. Here is list of, and links to, the notices.
- Notice 2022-46 requests comments on credits for clean vehicles.
- Notice 2022-47 requests comments on energy
Anyone considering buying an electric vehicle, for personal or commercial use, should take note of new and expanded tax credits for clean vehicles under the Inflation Reduction Act of 2022. This Legal Update authored by my partner Dan Kiely and me provides details on the tax credits, including their requirements and limitations.
Here is Mayer Brown’s Legal Update regarding some of the noteworthy proposals in the Inflation Reduction Act of 2022 that related to green energy.
Read about new guidance from the US Department of Transportation on the allocation of $615 million in funds for electric vehicle infrastructure under the National Electric Vehicle Infrastructure Formula Program in this Legal Update authored by Chadron Edwards, Morenikeji Akinade, George Haines, Samantha Leavitt, Nick Vallorano and Alec Weingart.
In November 2021, Illinois Governor JB Pritzker signed the Reimagining Electric Vehicles Act, which establishes the Reimagining Electric Vehicles in Illinois Program to incentivize the production of electric vehicles in the state. This Mayer Brown Legal Update discusses the criteria to qualify for the program and the related tax credits, exemptions and deductions.
Read about Illinois’ substantial new climate and energy legislative package in this Legal Update authored by my Mayer Brown colleagues, Nadav Klugman, Joe Seliga and Casey Williams.